KfW IPEX-Bank funds construction of Star Cruises’ second cruise ship
KfW IPEX-Bank has agreed to grant a loan of more than €600m in support of Star Cruises' second cruise ship, which is under construction at Meyer Werft shipyard in Papenburg, Germany.
KfW IPEX-Bank has agreed to grant a loan of more than €600m in support of Star Cruises’ second cruise ship, which is under construction at Meyer Werft shipyard in Papenburg, Germany.
The entire loan amount is being provided by KfW IPEX-Bank together with Crédit Agricole Corporate and Investment Bank and the Singapore branch of DNB Bank.
Additionally, the funding is supported by export credit insurance provided by Germany (Euler Hermes cover) and encompasses the commercial interest reference rate (CIRR) for ships, which is set by the OECD.
The grant follows the closing of financing for Star Cruises’ first new vessel in April this year.
KfW IPEX-Bank Management Board member Christian Murach said: "We are pleased that we are able to provide financing for a second cruise ship and thereby further cement our long-standing collaboration with our valued business partners, Meyer Werft shipyard and Star Cruises."
"As one of the world’s leading players in ship financing, this enables us to strengthen our position on the market and support German exporters and northern Germany as a ship-building location at the same time."
The second new 150,000t vessel is 330m long and has more than 1,600 passenger cabins. It is scheduled for delivery during the fourth quarter of 2017.
With the addition of the two new cruise ships, Star Cruises fleet will include a total of nine ships, enabling the company to meet increasing demand in the Asian market.
Star Cruises is wholly owned by Genting Hong Kong Limited, and is the third largest cruise operator in the world.
Image: Officials at the signing ceremony for Star Cruises. Photo: courtesy of Genting, Hongkong/KfW.